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Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? (59629 Views)

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Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by AnonPoet: 7:35pm On Aug 30, 2020
Billionaire Harry Ayoade Akande towers above many of his contemporaries, particularly because he has been in a warm embrace of fame for many decades.

Beyond his famed status as a successful businessman, he has also remained very relevant owing to his uncommon brilliance, a quality that has endeared him to many across the globe.

The Agbaoye of Ibadan, who set out to pursue his dreams quite early in life, had served as a business advisor and consultant to many other businessmen, including governments of several nations.

The world-class businessman in the past has scored many firsts in the nation’s business climate to the envy of many of his competitors.

Indeed, he would have scored yet another first in 2005, as the South African retail store, Shoprite, had several meetings with his company, AIC Limited, and agreed his company would be the exclusive operator and manager of its brand across West Africa, except Ghana where the Shoprite brand was already established.

Consequently, there were a series of business meetings between Akande’s representatives and Shoprite Checkers first in South Africa on April 16, 1998, and then at Akande’s office on Victoria Island, Lagos on May 27, 1998.

Shoprite was also said to have flown in representatives who were shown possible locations for retail stores at some locations, including Lekki Roundabout, Trade fair Complex and Lagos National Theatre, Iganmu.

But when the South African retail giant was ready to commence operations in Nigeria, it allegedly sidelined Akande’s AIC and incorporated another company, Retail Supermarkets Nigeria Limited, and began using the new entity to operate in Nigeria, thereby breaching agreements between them.

The billionaire was upset and this led to a prolonged legal battle with Akande securing a 2018 major victory against the South African retail group for breaching a contract between both parties in Suit No LD/488/2010 —AIC Limited (Claimant) v Shoprite Checkers (PTY) Ltd of South Africa and Retail Supermarkets Nigeria Limited (Defendants).

However, Shoprite owners appealed the judgment, while the Ibadan, Oyo State-born billionaire secured another victory in May 2020 at the appellate court.

Though the three-man panel of Court of Appeal, Lagos Division, didn’t agree to Akande’s cross-appeal, demanding 50 percent of $92.3 million as loss of profit he suffered due to the incorporation of Retail Supermarkets Limited, it unanimously affirmed the judgment of a Lagos High Court that awarded $10 million (N4.7 billion) damages against Shoprite Checkers (PTY) Limited.

Apart from the $10 million award, the court had directed the South African retail giant to pay 10 percent per annum on the damages, with effect from the date of judgment until the final liquidation of the entire sum.

Consequently, the shrewd businessman has initiated a fresh legal battle at the Federal High Court to halt Shoprite Checkers’ exit moves out of Nigeria until the entire sum demanded is paid to the last kobo.

The billionaire, through his company, has got an ex parte application for an order of Mareva Injunction restraining the South African retail giant, its privies, officers, nominees, successors-in-title, subsidiaries or anyone acting through it or by it from transferring, assigning, charging, disposing of its trademark, franchise and intellectual property in a manner that will alter, dissipate or remove these non-cash assets from the court’s jurisdiction.

https://www.thisdaylive.com/index.php/2020/08/30/how-billionaire-businessman-harry-akande-battled-shoprite-to-standstill/amp/?__twitter_impression=true

66 Likes 11 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by tunene66: 7:38pm On Aug 30, 2020
AnonPoet:
Billionaire Harry Ayoade Akande towers above many of his contemporaries, particularly because he has been in a warm embrace of fame for many decades.

Beyond his famed status as a successful businessman, he has also remained very relevant owing to his uncommon brilliance, a quality that has endeared him to many across the globe.

The Agbaoye of Ibadan, who set out to pursue his dreams quite early in life, had served as a business advisor and consultant to many other businessmen, including governments of several nations.

The world-class businessman in the past has scored many firsts in the nation’s business climate to the envy of many of his competitors.

Indeed, he would have scored yet another first in 2005, as the South African retail store, Shoprite, had several meetings with his company, AIC Limited, and agreed his company would be the exclusive operator and manager of its brand across West Africa, except Ghana where the Shoprite brand was already established.

Consequently, there were a series of business meetings between Akande’s representatives and Shoprite Checkers first in South Africa on April 16, 1998, and then at Akande’s office on Victoria Island, Lagos on May 27, 1998.

Shoprite was also said to have flown in representatives who were shown possible locations for retail stores at some locations, including Lekki Roundabout, Trade fair Complex and Lagos National Theatre, Iganmu.

But when the South African retail giant was ready to commence operations in Nigeria, it allegedly sidelined Akande’s AIC and incorporated another company, Retail Supermarkets Nigeria Limited, and began using the new entity to operate in Nigeria, thereby breaching agreements between them.

The billionaire was upset and this led to a prolonged legal battle with Akande securing a 2018 major victory against the South African retail group for breaching a contract between both parties in Suit No LD/488/2010 —AIC Limited (Claimant) v Shoprite Checkers (PTY) Ltd of South Africa and Retail Supermarkets Nigeria Limited (Defendants).

However, Shoprite owners appealed the judgment, while the Ibadan, Oyo State-born billionaire secured another victory in May 2020 at the appellate court.

Though the three-man panel of Court of Appeal, Lagos Division, didn’t agree to Akande’s cross-appeal, demanding 50 percent of $92.3 million as loss of profit he suffered due to the incorporation of Retail Supermarkets Limited, it unanimously affirmed the judgment of a Lagos High Court that awarded $10 million (N4.7 billion) damages against Shoprite Checkers (PTY) Limited.

https://www.thisdaylive.com/index.php/2020/08/30/how-billionaire-businessman-harry-akande-battled-shoprite-to-standstill/amp/?__twitter_impression=true

Mynd44
Lalasticlala
Dominique

Ok now
Na Supreme Court go decide dis case last last

13 Likes 4 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Mynd44: 7:41pm On Aug 30, 2020
So they wanted to quickly dispose of their shares in Nigeria and run off before the judgment is activated. Wow

And Nigerians were here blaming the Nigerian government and unfavourable business environment when the company itself wasn't playing fair and abiding by legal agreements

286 Likes 20 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Omihanifa: 7:47pm On Aug 30, 2020
Next time they won't mess up with simple gentleman agreement

198 Likes 6 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by ForeThinker: 7:47pm On Aug 30, 2020
Their business

2 Likes 1 Share

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Slawormir: 7:48pm On Aug 30, 2020
Damnnnnn niggarrr
Isoright

3 Likes

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by joviegghead: 7:49pm On Aug 30, 2020
Hmm
Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Nobody: 7:49pm On Aug 30, 2020
Omo yoruba


Giving shoprite a run for their money...


Kaare Omo oodua,



Wait sef.. What am I even typing sef...

Does it relate with the content, well I didn't even read it..

102 Likes 2 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by merits(m): 7:50pm On Aug 30, 2020
Good one,trap don catch monkey.

33 Likes 2 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by nymphomaniac(m): 7:51pm On Aug 30, 2020
Insightful

18 Likes 4 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by EdmundChidera(m): 7:51pm On Aug 30, 2020
Simple they're encountering competition when the economy is not favorable

3 Likes

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by GboyegaD(m): 7:51pm On Aug 30, 2020
The benefits of ensuring contacts are written.

103 Likes 5 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Uyi168: 7:51pm On Aug 30, 2020
...

Thought they denied the fact they were leaving..
Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by iamphilips(m): 7:52pm On Aug 30, 2020
Wow

2 Likes

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Nobody: 7:52pm On Aug 30, 2020
So ShopRite is to blame....

If you sign a contract...

14 Likes 1 Share

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Throwback: 7:52pm On Aug 30, 2020
Business is all about contract.

48 Likes 3 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Nobody: 7:52pm On Aug 30, 2020
South African owned Companies are just something else and they will be quick to blame Nigerians for scam. Isn't this tantamount to scam?

112 Likes 3 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by successking401(m): 7:53pm On Aug 30, 2020
Don't die in silence.

If you know anybody suffering from anything that spells infection e.g wormlike movement in d body,staphylococus,premature ejaculation,tooth ache,stubborn boil, fibroid,piles,cough,no matter how long it have been.check my signature for contact details

3 Likes 1 Share

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Strongbest(m): 7:53pm On Aug 30, 2020
Hmmmm. The power of LAW.

18 Likes 2 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by chinchonglee(m): 7:53pm On Aug 30, 2020
Smart move by a billionaire...

No wonder u re actually a billionaire. U think straight

103 Likes 2 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by TalkTalkTwins(m): 7:53pm On Aug 30, 2020
ok grin

1 Like 1 Share

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Fheelzz(m): 7:53pm On Aug 30, 2020
Make dem go

Other supermarket dey

Malls dey

18 Likes 2 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by jericco1(m): 7:54pm On Aug 30, 2020
Nigeria has the biggest market for their business Akande or not.

15 Likes 4 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by ShenTeh(m): 7:54pm On Aug 30, 2020
Smart move from the business mogul and his team.

But where Op get this detailed info? Are you an insider?

59 Likes 3 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by Lorechino(m): 7:54pm On Aug 30, 2020
Moral of this news = always be good n do good to those who trust u with what they have.

Ppl where blaming this administration on the bases of unfavorable biz weather cos this same govt is bad in every respect.

Now we don't know that they are parking out cos of breach of agreement.

Without this we for continue to blame the govt. Thanks OP

48 Likes 3 Shares

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by illicit(m): 7:54pm On Aug 30, 2020
Tom Dick and Harry

1 Like

Re: Is Harry Akande The Reason Shoprite Is Quitting Nigeria After Negating On Deals? by ipobarethieves: 7:55pm On Aug 30, 2020
sad

1 Like

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